Copper edged closer to $10 000 a ton after an April rally fueled by bets that a recovering global economy will lift demand for industrial materials.
Metals have posted broad gains in recent weeks, and copper opened Monday with a fresh advance to a two-year high. Signs of improvement in manufacturing activity from the US to China have buoyed metals, and stubborn inflation is attracting renewed wagers on commodities.
Investors are contending with an apparent shift in the Federal Reserve’s path toward interest-rate cuts, with Chair Jerome Powell signaling last week that it’s going to take the bank “longer than expected” to be sure that inflation is under control.
Copper climbed 1% early Monday to reach $9 970 a ton, before trading at $9 950 by 9:55 a.m. in Shanghai. Other metals were mixed, with aluminum and zinc slightly lower.